SINGAPORE: The management of InterContinental Singapore in Bugis by the InterContinental Hotels Group (IHG) will end on Dec 31, with the hotel set to rebrand in 2026 under a new operator.
The identity of the new operator has not yet been disclosed by the hotel's owner.
In response to CNA queries, IHG, the current operator of InterContinental Singapore,
“We have a long-standing and fruitful relationship with Frasers Hospitality Trust and would like to thank the team for their partnership on InterContinental Singapore,” IHG added.
IHG operates 13 hotels across six brands in Singapore. The group will continue to operate InterContinental Singapore Robertson Quay, which is owned by RB Capital.
The InterContinental Singapore property at Bugis is owned by Frasers Hospitality Trust (FHT) and houses 406 rooms across 16 floors.
In response to CNA queries, Frasers Hospitality and FHT said in a joint statement on Tuesday that while InterContinental Singapore will "exit the IHG system", the property will continue operations and remains a “key asset” of Frasers Hospitality.
“Any change in hotel operator is consistent with Frasers Hospitality’s active asset management strategy,” Frasers Hospitality and FHT said. “Further updates will be shared in due course.”
The news comes ahead of FHT’s delisting in October after Frasers Property offered to buy the trust out, citing “adverse changes” to the macroeconomic environment which has made it more difficult for FHT managers to grow its distribution and net asset value.
At an investors’ meeting on Aug 15, Mr Eric Gan, chief executive officer of FHT’s managers, said the trust had been operating under a “difficult” operating environment.
Mr Gan said that while some hotels are doing well, this may not be the case for “upper class” hotels in Singapore such as InterContinental Singapore.
He noted that there may be a “mismatch” in the profile of inbound travellers and the profile of a property’s targeted guests segment due to price sensitivity and the elasticity of demand.
Demand may also be impacted by the appreciation of the Singapore dollar, which causes business or leisure travellers staying in such premium hotels to find them more costly, Mr Gan said.
FHT owns Fraser Suites Singapore among other hotels and serviced residences in Australia, the United Kingdom, Malaysia, Germany and Japan.
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The identity of the new operator has not yet been disclosed by the hotel's owner.
In response to CNA queries, IHG, the current operator of InterContinental Singapore,
“We have a long-standing and fruitful relationship with Frasers Hospitality Trust and would like to thank the team for their partnership on InterContinental Singapore,” IHG added.
IHG operates 13 hotels across six brands in Singapore. The group will continue to operate InterContinental Singapore Robertson Quay, which is owned by RB Capital.
The InterContinental Singapore property at Bugis is owned by Frasers Hospitality Trust (FHT) and houses 406 rooms across 16 floors.
In response to CNA queries, Frasers Hospitality and FHT said in a joint statement on Tuesday that while InterContinental Singapore will "exit the IHG system", the property will continue operations and remains a “key asset” of Frasers Hospitality.
“Any change in hotel operator is consistent with Frasers Hospitality’s active asset management strategy,” Frasers Hospitality and FHT said. “Further updates will be shared in due course.”
The news comes ahead of FHT’s delisting in October after Frasers Property offered to buy the trust out, citing “adverse changes” to the macroeconomic environment which has made it more difficult for FHT managers to grow its distribution and net asset value.
At an investors’ meeting on Aug 15, Mr Eric Gan, chief executive officer of FHT’s managers, said the trust had been operating under a “difficult” operating environment.
Mr Gan said that while some hotels are doing well, this may not be the case for “upper class” hotels in Singapore such as InterContinental Singapore.
He noted that there may be a “mismatch” in the profile of inbound travellers and the profile of a property’s targeted guests segment due to price sensitivity and the elasticity of demand.
Demand may also be impacted by the appreciation of the Singapore dollar, which causes business or leisure travellers staying in such premium hotels to find them more costly, Mr Gan said.
FHT owns Fraser Suites Singapore among other hotels and serviced residences in Australia, the United Kingdom, Malaysia, Germany and Japan.
Continue reading...